The Hindu : Business : TUFS may be extended

Online edition of India's National Newspaper
Tuesday, Jan 23, 2007
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Business

Business

TUFS may be extended

Special Correspondent

PM supports continuation of the scheme, says Kamal Nath

NEW DELHI: The Technology Upgradation Fund Scheme for the textile sector is all set to be continued beyond March 2007 with the Prime Minister Manmohan Singh himself supporting its continuation. This was indicated by the Union Commerce Minister Kamal Nath on Monday.

"In our last meeting with Prime Minister Manmohan Singh, we apprised him of the need to have the Technology Upgradation Fund Scheme [continued]. The Prime Minister himself was supporting it. We are going through the process,'' he said.

Participating in the 48th annual general meeting of the Northern India Textile Mills Association, he also indicated that while extending the scheme, it could undergo certain modifications. ``TUFS will be streamlined. Inputs from the industry have already been received''.

Mr. Kamal Nath sought to allay the apprehensions of the textile industry over the trade agreements that India is negotiating with other countries and said that contrary to the concerns, the industry would be the major beneficiary in all preferential and free trade agreements.

Exuding optimism over the growth of the industry, he said there was a need to attend to two important areas: development of synergies with the industry in other countries and nurturing of the domestic market.

He also called for aggressive branding of textile products. Currently, Indian textile products were sourced by large international chains and were being sold under brand names. The trend should change and the industry should ensure that Indian products carried the seal of Indian companies, he said.

Earlier, the out-going President of NITMA, Shishir Jaipuria, urged for measures to make the Indian industry be more competitive in relation to other Asian countries.

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